Gold price jumped Rs 70 to Rs 66,320 per 10 grams in the national capital on Wednesday, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 66,250 per 10 grams.
Silver also advanced Rs 150 to Rs 76,650 per kg. In the previous close, it had finished at Rs 76,500 per kg. "Spot gold prices (24 carats) in the Delhi markets are trading at Rs 66,320 per 10 grams, up Rs 70 from the previous close.
"In the domestic markets, the weaker rupee pushed the gold prices higher but the demand remained lacklustre," Dilip Parmar, Research Analyst at HDFC Securities, said. In the international markets, spot gold at COMEX was trading at USD 2,154 per ounce, down USD 5 against the previous close.
Spot gold edged lower to USD 2,154.24 an ounce as the Dollar Index was up along with the US Treasury yield. Also, silver was marginally down at USD 24.84 per ounce. In the previous trade, it had settled at USD 24.91 per ounce.
"Gold remained within a narrow range, as investors awaited the US Federal Reserve's policy statement later in the evening. The tone of the statement is crucial, as a hawkish stance, without any expected rate cuts, could exert downward pressure on gold prices. "Conversely, if the Fed maintains a dovish tone, even in the absence of rate cuts, it could provide further upward momentum for gold and pushing Comex gold prices to USD 2,175," Jateen Trivedi, VP Research Analyst at LKP Securities, said.
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